Insurance Supervision Department
Executive Manager: Rana Tahboub
The Insurance Supervision Department undertakes the task of supervising and regulating the insurance sector in Jordan, which encompass insurers and insurance services providers aiming at ensuring the soundness of the financial position and protect the insured and beneficiaries in accordance with the legislations in force. This should provide the right environment to develop and enhance the national insurance industry in insuring the persons and properties against risks in order to protect the national economy as well as enhancing the national investments. The Insurance Supervision Department mainly undertakes the following tasks:
- Studying the insurance company’s’ requests for licensing, adding or cancelling insurance classes or types to the license, as well as any adjustment on their situations and making the appropriate decisions in that matter.
- Studying the licensing requests for insurance services providers, including, licensing renewal, adding or cancelling insurance types to the license as well as any adjustment on their situations and making the appropriate decisions in that matter.
- Supervising insurance companies and insurance services providers in accordance with governance legislations in force and the international best practices.
- Enhancing the performance and efficiency of insurance companies and insurance services providers, and ensuring the proper implementation of the industry professional code of conduct and ethics to increase their ability to provide better services to insurance beneficiaries and achieve positive competition among them.
- Monitoring the financial solvency of insurance companies, and installing clear monitoring standards to ensure an adequate insurance coverage to protect the rights of the insured and insurance policy holders.
- The implementation of all technical, legal and financial supervisory procedures for insurance companies and insurance services providers in accordance with the legislations in force.
- Regulating and monitoring the situations of defaulted insurance companies in a matter that ensures the protection of the insurance policy holder and beneficiaries through regulating their financial and technical situation and approving corrective plans and measures.
- Reviewing and issuing legislations related to the insurance sector keeping up with the latest development in the insurance sector and the international best practice.
- Developing and updating the supervisory framework on the insurance sector using up to date methods and tools benefiting from the related international institutions and in line with the international principles and guidelines.
- Conducting market assessments, and publishing various studies and statistics on insurance sector indicators
- Taking the necessary measures regarding financial inclusion and its enhancement within the scope of the insurance department’s duties, including financial literacy regarding insurance policy holders and beneficiaries’ rights and protection in coordination with the relevant stakeholders.
- Resolving insured and beneficiaries’ complaints.
- Strengthening cooperation and integration ties with regulatory and supervisory bodies inside and outside the Kingdom.
- Looking into insurance companies request for merging and provide recommendation on the matter.
- Conduct an annual inspection plan on insurance companies and insurance services providers based on risk based supervision approach.
- Taking the necessary measures in order to identify and check normal and legal stakeholders either local or foreign.
- Monitor insurance companies and insurance service providers and recommend the appropriate penalty in case of a violation, and monitor the insurance companies and insurance service providers’ commitment in correcting the violations.
- Coordinating with the other organizational units to ensure the attainment and exchange of necessary information and reports.
- Carry-out risks and supervisory controls self-assessment related to the departments function in coordination with the Risk management and compliance department per the related instructions and the adopted methodologies to determine the levels and methods of processing and managing risks.
E-mail : Insurance.Supervision@cbj.gov.jo